To say that 2020 has been a difficult year would be an understatement. Nearly all companies around the world have been greatly affected by the COVID-19 pandemic, with some even having to close down permanently. Needless to say, the automotive segment was hit hard too, with manufacturers temporarily ceasing production due to low sales.
Now, it seems one major wheel supplier is facing bankruptcy – BBS Wheels Germany. For reference, only BBS Wheels Germany has filed for insolvency. BBS Wheels Japan operates independently from its German counterpart and continues regular operations as of the moment.
This would mark the third time that the wheel manufacturer has filed for bankruptcy in the past 15 years. BBS previously sought protection from creditors back in 2007 and 2011. According to Reifenpresse.de, the company filed for bankruptcy in Germany and blames falling demand for tuning products due to the environment brought about by the pandemic. Furthermore, they add the production of wheels was temporarily halted due to the contagious disease.
BBS Wheels was founded back in 1970 by Heinrich Baumgartner and Klaus Brand in Germany. The company name, BBS, is an acronym for Baumgartner Brand Schiltach. Interestingly, BBS Wheels Germany is currently owned by NICE Holdings Co. based in South Korea. They were bought by the South Korean company back in 2015. Soon, however, the wheel company might have to look for a new owner after filing for bankruptcy.
Fans of the BBS Wheels have nothing to worry about though. Well, not yet at least. The bankruptcy filing does not mean BBS will cease to exist. Instead, it gives the company extra time to restructure its business as needed. As such, the company will continue to run normal operations and will continue to remain.
So if you want to support BBS Wheels and keep them alive, now would be a good time to buy their wheels. Just make sure you buy the original and say no to fakes.